The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-08-28

contract, said: "Ws have paid out all
the money we had, and can get no more
accommodation. All the bankers have
had to stop. That L. all there is to it..
Some one will make q great deal of
money out Of this. for those who have
the corn. I mean the people in En-
gland will be able to pick
up the wheat we are hold.
ing at song. II We could
have gained more time We might have
pulled through, but now all is over with
us. Money has beep tight all along. and
the real estate boom has made it tighter
and shut rs of from all accommoda-
TONS" The Call Board has adjourned
until next Monday, but even though
notice has been given by Dresbach u
Rosenfeld TO sell all the wheat in their
name, it is believed that the board may
again be adjourned for an indefinite
period, though how this will mend mat
ters does not appear. As near as can
be ascertained. after retur ling the
original deposit of money of buyers
and sellers at the rate of "a a
ton on 100000 tons named in
the agreement of August Sd
and which rednced the margins from
$215 per centsl to s205, Dresbach &
Rosenfeld further margined down
about 10000 tons to $170. They paid
out large sums for this purpose during
the last few days, and to-day was the
day when the remainder fell due. 1t
would require about $400 600 to meet
this part Of the agreement. The in :
ability of Dresbach & Rosenfeld to pay
out any more money therefore, leaves
about 60 600 tons of wheat in the
hsnds of the holders, standing them in
S205 per GENITAL, which cannot be sold
except at panic prices. 1t is feared this
will cause additional trouble in trade.
for it will involve heavy losses upon the
holders who had confidence in the abil-
ity of Dresba ch & Rosenfeld to meet
their obligations. Of 10000 tons of
wheat, placed by Dresbach & Resented
in the hands of the directors OF the Pro-
duce Exchange, as security for the full
fillment of the agreement OF August
30th, about 5000 tons now re-
main having been released for
margin money which was returned.
William Dresbacb has nj de an assign
ment to z B. Stone Of all his property
for the benefit of his creditors.
The Post this afternoon says: 1.-The
feeling is generally prevalent that next
week will see lively times and failures
oIC COuAuCuI11 pICUACSCUs 1Anb OICo-
bach & RoseIfeld ever really intended
to fulfill their agreement is fiercely
secuted by members of the board, out
side of the influence of the ring. their
intention being simply to pay for the
time. The declaration made by
Macksy the other day had the effect,
however, of establishing confidence
in the future carrying out of
the contracts. as it tended to confirm
the general opinion that the Nevada
Bank had more intimate connection
with the deal than its managers cared
to admit. If Mackay really meant
what he said, about carrying all the
wheat that was offered, he has appa:-
emily changed his mind in regard to
supporting the individual operations of
Dresbach d Rosenfeld. The connection
OF these gentlemen, while it is stlll en-
veloped in certain amount of mystery
will probably now have suficienk Eght
thrown upon 1t to determine de6nkeIy
who their hackers really &ere.
That thee themselves were simply
strawmen was generally admitted
it being out of reason to suppose that
people of their extraordinary means
could possibly have carried an
amount of wheat running into the mil =
lioEs. That losers will submit quietly
to be pinched upon any such PROPOSE
ton is unlikely, and the consequence
will be law suits which will eventually
determine the question from whence
the backing came"